A Junior Individual Savings Account (ISA) is a long-term, tax-free savings account that lets you save and invest on behalf of a child under the age of 18.
- A child’s parent or guardians with parental responsibility must open the Junior ISA account on their behalf
- Anyone can pay money into the Junior ISA account once it has been opened
- The savings limit for a Junior ISA is £9,000 for the 2020/21 tax year
- Your child can have 1 cash Junior ISA and 1 investment (or stocks and shares) Junior ISA
- Children aged between 16 and 17 can open their own Junior ISA in addition to an adult cash ISA
- Money in a Junior ISA belongs to the child and can’t be withdrawn from the account until they’re 18 at which point it automatically converts into an adult ISA
- You can transfer a Child Trust Fund into a Junior ISA